GACC: China's H1 Mn ore imports fall 8.7% on year
The significant fall was mainly due to the country's shrinking consumption of this ore from the lower run-rates being observed by China's manganese alloy smelters, Mysteel Global noted.
Over January-June, China produced 5.05 million tonnes of silicomanganese (SiMn), sliding by 8.3% compared with the same period last year, as many domestic SiMn smelters conducted maintenance on their smelting facilities during March-April or slowed their pace of production in response to serious losses on their sales of the ferroalloy, according to Mysteel's survey among the 187 Chinese smelters under its tracking. The sampled smelters host 99% of China's SiMn smelting capacity.
Besides, shipments of manganese ore from Australia declined sharply since the second half of March due to the damage at Groote Eylandt port caused by Tropical Cyclone Megan in mid-March.
South32, the world's largest manganese miner headquartered in Perth, Western Australia, said in its latest quarterly report that there was no production of manganese ore at its Australia Manganese joint venture over April-June, and that wharf operations are not scheduled to recommence until the first quarter of 2025, as reported.
Mysteel's survey showed that the volume of manganese ore delivered to Chinese ports under its tracking from South Africa, Australia and Gabon totalled 10.6 million tonnes over the first six months of this year, lower by 11.1% on year. Among the total, the tonnage shipped from Australia slumped by 34% on year to 1.53 million tonnes during the same period.
For June alone, China's manganese ore imports registered 2.14 million tonnes, falling by 12.1% from the previous month, according to the GACC data, as the import volume from Australia stayed low, and mines in Gabon shipped more manganese ore to India, causing their deliveries to China to decrease.
China's manganese ore prices lost ground in June with the pressure of the weakening SiMn prices in both the physical and futures markets. As of June 28, the price of South Africa-origin 36.5% grade Mn ore at North China's Tianjin port under Mysteel's assessment reached Yuan 47.5/dmtu ($6.5/dmtu) including the 13% VAT, down by Yuan 6.5/dmtu on month.
By the end of June, the national price of 6517 SiMn was assessed by Mysteel at Yuan 7,303/t including the 13% VAT, sliding by Yuan 1,312/t compared with one month earlier.
As for the derivative market, the most-traded SiMn contract on the Zhengzhou Futures Exchange for delivery in January 2025 closed the daytime trading session at Yuan 7,862/t on June 28, lower by Yuan 1,718/t from the settlement price on May 31, according to the exchange's data, indicating the negative sentiment in the domestic market.
The depressed sales in the spot market led manganese ore inventories at China's major ports to increased somewhat last month. By end-June, the total volume of this ore at the ports under Mysteel's regular tracking came in at 4.82 million tonnes, higher by 5.2% from the end of May.
Written by Nancy Zheng, zhengmm@mysteel.com
Edited by Russ McCulloch, russ.mcculloch@mysteel.com
GACC: China's Mn ore imports rise 7% on month in July
Aug 21, 2024 16:30
GACC: China's May Mn ore imports jump 14% on month
Jun 25, 2024 18:45
GACC: China's Mn ore imports fall 8% on year during Jan-Apr
May 21, 2024 17:45
GACC: China's Q1 Mn ore imports edge up 0.7% on year
Apr 23, 2024 17:15
GACC: China's Jan-Feb Mn ore imports keep stable YoY
Mar 20, 2024 15:45
Seaborne manganese ore offering prices: CIF China
Sep 06, 2024 17:12
Mn-series product prices: China's major cities
Sep 06, 2024 10:05
Imported manganese ore portside prices: Qinzhou port
Sep 06, 2024 10:04
Manganese ore prices: China
Sep 06, 2024 09:44
Imported manganese ore portside prices: Tianjin port
Sep 06, 2024 09:39